The Erie Canal Harbor Development Corporation (ECHDC) has found a developer for Canalside’s Aud Block. Brooklyn-based Pennrose NY Developer LLC working with GSD Urban Solutions and the Westminster Economic Development Initiative beat out two other proposals for the two-acre site. A mix of market-rate and affordable apartments are proposed along with two levels of underground parking and commercial and retail space.
Work on the multi-building, $160 million project is expected to begin in early 2025 and finished two years later. Plans call for 367 residences with half of them restricted as affordable. Buildings along the canal would be four to five stories and 10 to 14 stories on the north along the Niagara Thruway I-190.
Pennrose has expertise in the development of highly complex mixed-use and environmentally sustainable luxury housing developments with over 27,000 rental housing units and $5 billion in total development costs. Additionally, Pennrose focuses on creating affordable housing and is currently working with the Buffalo Municipal Housing Authority on the Commodore Perry Revitalization efforts, less than one mile away from the site. These developments respond to myriad nuanced requirements driven by layered residential and commercial programs, including apartments, office, theater and cultural facilities, and parking.
ECHDC released a Request for Proposals for the site last May with submittals due September 1. According to the RFP document, a multiple building development would be set within reconstructed historic street pattern, allowing for Lloyd Street and Commercial Street to continue through the site. Public access to the site shall continue across the bridge, from Main Street, Pearl Street and Lower Terrace. The reconstructed streets will be pedestrian only and emergency vehicle access at select locations. Vehicle access to the sub terrain parking structure is expected to be along Lower Terrace. ECHDC is prepared to provide the developer with $10.0 million for capital construction costs related to the historic rights-of-way, public corridors, and canal lighting.
The ECHDC Board today designated Penrose the Preferred Developer of the site and voted to begin negotiations on a sale and development agreement.